Deals worth $1.3billion – Istanbul property goes down a storm at Dubai property show

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Occupying the largest international pavilion at the Cityscape property exhibition in Dubai this year, Turkey has lived up to expectations of drawing Gulf investors, with one developer on course to net around $1.3billion worth of investment.

Turkish developer Agaoglu Group confirmed that the Financial Center in Istanbul has been a true star at the exhibition, with vice chairman Halil Ibrahim Demirhan commenting on the Arabian website ‘The National’: “We have had inquiries of more than US$1billion only in the Istanbul International Financial Center from Dubai [investors]. And around $300 million in the same project from Abu Dhabi.”

Earlier in the year, it was reported that Agaoglu had sold 10 per cent of the available real estate, equating to 469 properties, at its landmark Maslak 1453 project in Istanbul to a Saudi businessman for $190.7million.

Meanwhile, a spokesperson from Istanbul property consultancy Projebeyaz International, also at the show, commented: “We expect to close a deal for 60 units worth $15m in one of the projects with a Saudi buyer. Overall, we can have deals worth around $20m.”

Also prominent at Cityscape was Tabanlıoğlu Architects, an award winning Turkish House of Architecture and Design, renowned for creating outstanding architectural designs and execution. Commenting on the company’s participation, architect Melkan Gursel Tabanlioglu said: “Once again we are delighted to be part of Cityscape Dubai. Our architectural approach is always focused on being in harmony with ‘the place’ and creating ‘places for people to appreciate. We are enthusiastic to share our experience and knowledge in our field of expertise and we endeavor to collaborate with regional counterparts on contemporary architectural developments.”

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